As the crypto market continued to perform well, UniSwap, one of the world’s leading digital asset platforms, became the first DeFi app to generate $ 1 billion (£ 72 million) in fees for liquidity providers.
A few days ago, Lucas Outumuro, IntoTheBlock’s crypto data aggregator, posted a chart on the social media platform Twitter showing that Uniswap’s V2 and V3 Ether mainnets are at more than $ 1 billion has risen.
Are you looking for quick news, hot tips, and market research? Then sign up for the Invezz newsletter today.
In addition, the data aggregator also highlighted that the crypto platform had paid out more than $ 1.01 billion (£ 72 million) to liquidity providers since November 2018, including the revenue from deploying V1 and V3 on Optimism.
Ethereum and Bitcoin fees
According to the latest data from Otumuro, the world’s most famous crypto token, Bitcoin (BTC / USD), has generated more than $ 2 billion (£ 1.44 billion) in fees since its launch after the 2008 financial crisis. Thanks to the DeFi-based surge in activity on Ethereum, the second most popular token, net sales soared to $ 4.74 million (£ 3.43 million) in just six years.
On the flip side, Axie Infinity, an Ether-based DApp, has emerged as the leading decentralized platform in terms of revenue over the past few weeks. Last month, the game generated nearly $ 3.8 million (£ 2.75 million) in fees, based on data compiled by Token Terminal, which is a daily average of nearly $ 10 million (£ 7.23 million).
Ethereum’s London upgrades and surge in Defi apps
On August 5th, after the London Upgrade, the Ether blockchain introduced a new burn mechanism for the network’s fee market. Over the past week, given the rising popularity of decentralized apps, nearly $ 1 billion (£ 72.28 million) worth of ETH tokens have been burned while more than a thousand deflationary blocs have been created.
After OpenSea “destroyed” Ether tokens worth $ 12 million (£ 8.68 million) since the London upgrade, it is currently the best Ethereum-based DApp. Uniswap V2 ranks second with $ 7.4 million (£ 5.35 million) of “burned” ether tokens. It is followed by Ether (ETH / USD) and Tether (USDT / USD) at $ 5.6 million (£ 4.05 million) and $ 5 million (£ 3.61 million), respectively.
Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
67% of retail investor CFD accounts lose money